Azernews.Az

Tuesday September 27 2022

Erdogan: Turkish-US trade volume to hit $100bn soon

22 September 2022 15:11 (UTC+04:00)
Erdogan: Turkish-US trade volume to hit $100bn soon

By News Center

President Recep Tayyip Erdogan has said that the Turkish-US trade volume will soon hit $100 billion, Yeni Shafak reports.

Erdogan made the remarks at the Turkiye-US Business Council meeting organized by the Foreign Economic Relations Board (DEIK) on the margins of the 77th UN General Assembly session in New York.

Stating that the Turkish-US trade volume will reach the target of $100 billion soon, Erdogan said: "We count on the support of you, our esteemed entrepreneurs, who play a leading role in many fields in this regard."

He stressed that Turkiye and the US are two friendly countries, allies and strategic partners with deep-rooted ties.

Erdogan underlined that the two countries' multifaceted cooperation has made significant contributions to the establishment of peace and stability in many regions of the world, and they have similar views on many issues ranging from energy to food security across broad geography spanning from Ukraine, the Balkans to the Middle East and Africa.

The president recalled that the two nations agreed in Rome in 2021 to form a Turkiye-US strategic framework to advance the existing consensus of ideas and interests. He added that the countries continue their efforts to solve problems in a realistic and forward-looking manner while developing relations on the basis of common interests with the mechanism that was put into practice in April.

"Since 2020, the global economy has been facing significant problems. The pandemic crisis, followed by the Russia-Ukraine conflict, posed significant challenges to the supply chains in various sectors, particularly energy and food. Many countries are attempting to cope with the greatest inflation rates of the past 40-50 years. The Turkish, however, economy demonstrated a successful approach in overcoming all of these problems with its good performance in growth, exports, and employment. We were able to sustain our economic resilience and attractiveness by taking supporting measures and leveraging the dynamism of the private sector at a time when the global economy was reorganizing and predictability was eroding," Erdogan stressed.

Turkish Economic Model

Erdogan emphasized that Turkiye achieved the fastest growth rate in the past 10 years, with a rate of 11 percent, noting that this is the greatest growth rate recorded among G-20 countries.

"While the global economy is facing serious contractions, we experienced 7.5 percent growth in the first quarter and 7.6 percent growth in the second quarter of 2022. Despite the pandemic, we maintained our balanced growth, which has been ongoing for five quarters. As of this month, our annual exports had surpassed $250 billion. We were able to attract more than $240 billion in direct international investment to our country between 2003 and 2021. Just last year, our country received $14 billion in new direct international investments. We are the second country in Central and Eastern Europe that has received the most international direct investment in the past 16 years. All of these are clear indicators of the Turkish economy's strength and trust in Turkiye. The Turkish economic model has a great role in achieving these successes," he detailed.

Erdogan emphasized that Turkiye had decided to build its economic program on the country's growth through investment, employment, production, exports, and current account surpluses, and the government had made no concessions on these priorities in the previous two years, including during the pandemic.

The government is zealously pursuing the economic agenda, and the economy and trade are critical components of Turkish-American relations. Turkiye has achieved tremendous development in the economic and commercial dimensions of ties, notably in the past 10 years, with the support of the private sector, the president said.

Covid-19 outbreak

Despite the problems posed by the coronavirus, the bilateral trade volume reached a record level of $28 billion dollars in 2021, with the US being Turkiye's second largest export market and the fourth largest import market, Erdogan stressed.

"Our trade volume in the eight months of 2022 grew by nearly 30 percent compared to the same period of the previous year reaching $22 billion. If this momentum is maintained with the right and determined steps, our trade volume will reach the target of $100 billion in a short time. We play a leading role in many fields in this regard."

Erdogan remarked that the great interest shown by US-based firms in Turkiye’s business opportunities, as well as the increase in their investments, is evidence of trust in the Turkish economy.

"Direct investments from the USA to Turkiye have reached $14.1 billion, while the investments of Turkish companies in the United States have totaled $8.6 billion. Turkiye and America have mutual trade and investment prospects in practically every field. Turkiye also plays an important role in diversifying energy routes and resources. Given the current international situation, our energy cooperation potential provides us with significant prospects,” the Turkish president highlighted.

America has become the second largest natural gas supplier as a result of investments in Turkish natural gas infrastructure, including LNG terminals, while Turkiye has become the sixth largest importer of American LNG, he added.

“We want to increase the gas we buy from the US on more favorable terms in the coming period. Thanks to the advanced infrastructure we have, we are ready to cooperate in the delivery of American LNG to the countries of the region," Erdogan said.

---

Follow us on Twitter @AzerNewsAz

Loading...
Latest View more